On today's BradCast: Sometimes it's good news when bad news arrives. At least when it's a breath of reality in the Trump Era. [Audio link to today''s show is posted below the summary.]
We've been trying on this program to make some sense in recent weeks of Wall Street's alternative reality, as seen over the past 12 weeks or so while millions of Americans have become unemployed as states ordered shutdowns and business closures while the coronavirus wreaked deadly havoc across the country. The economy has, understandably, tanked in the bargain. But the stock market's major indexes have nonetheless surged some 44.5% between late March and this week. American billionaires, as discussed in detail on a recent show, have seen their fortunes rise by some $565 billion between March 18 and the first week of June, even as the economy has largely ground to halt and entered its worst recession since the Great Depression.
The irrational exuberance of Wall Street has continued week after week, for each of the past twelve, while millions of American have newly filed unemployment claims in record numbers that simply blow away any other downturn in our nation's history beyond the Great Depression. Major companies like Hertz and J.C. Penney are declaring bankruptcy, and yet the marketeers in the Wall Street casino continue to bid up the companies share prices. On Wednesday, the NASDAQ hit its all time high. Not its highest level during the pandemic, but its ALL TIME highest trading price.
It's as if the market and the reality of the economy exist on two entirely different planets. But they don't. That was made clear again today as yet another 1.5 million new jobless claims were reported by the Bureau of Labor Statistics, leaving anywhere from 20 to 40 million Americans out of work and Congress' expansion of unemployment benefits set to expire at the end of next month.
And yet, as Donald Trump becomes increasingly concerned about his reelection chances, he and his supporters are citing the booming stock market as if it's the same thing as the economy. It decidedly isn't. That reality finally appears to have hit home on Thursday --- at least for now --- as the Dow plunged some 1,800 points along with the other major market indexes which plummeted as well. Traders seem to have finally noticed that the coronavirus can't simply be pretended away. It is not only NOT going away anytime soon, but infections and hospitalizations are currently surging to record highs in at least 21 states on the heels of many of those states --- talking to you Arizona and Texas, among others --- dangerously "reopening" far too early.
Some have (wrongly) dismissed the reported increases in the number of confirmed infections as an byproduct of increased testing. That is not true. The increases of note are in both the percentages of positive tests and in hospitalizations in many areas around the U.S. That disturbing surge comes largely before we begin to see whether the past two weeks or nationwide protests over the killing of George Floyd substantively adds to the totals, as some fear.
Ultimately, today's market crash can be seen as "good" news, in that perhaps reality is finally catching up with the markets whose inflated value has helped to prevent Donald Trump and his Republican sycophants in Congress from taking the necessary actions needed to prevent both the economy and the health of the American people from becoming decidedly worse. I've got a rant or two about all of this on today's show.
But there was more heavily-qualified "good" news on Thursday as Trump's Chairman of the Joints Chiefs of Staff, Army General Mark Milley, made clear in a video-taped statement, that it was a "mistake" for him to have joined Trump for his obnoxious photo-op last week at St. John's Episcopal Church across from the White House after Trump ordered peaceful protesters violently cleared out of Lafayette Square.
And, in further encouraging news, protesters around the country have begun to take matters into their own hands in removing offensive monuments to Confederate traitors who rebelled against the United States and killed hundreds of thousands in the bargain, in hopes of preserving slavery in "the land of the free". On Wednesday, a statue of Confederate President Jefferson Davis in Richmond, VA, the former capital of the Confederacy, was pulled down, as other such statues --- many of them erected decades after the Civil War during the Jim Crow era, as segregationist policies further institutionalized white supremacy in the U.S. --- were defaced, decapitated or destroyed as well. Yes, I've got a thought or two on all of that today as well.
Finally, Desi Doyen joins us for our latest Green News Report, in which major environmental groups are also taking action towards racial justice within their own organizations in the wake of nationwide protests, and as communities of color continue to be disproportionately harmed by pollution, climate change and other environmental issues. She also has a bit of good news regarding a newly coal-free Britain and some less good news on our latest new plague in the U.S. --- or, at least in Florida: giant toxic toads! Buckle up!
(Snail mail support to "Brad Friedman, 7095 Hollywood Blvd., #594 Los Angeles, CA 90028" always welcome too!)